The Government of India has allowed the Central District Cooperative Banks to deposit the demonetized notes [Rs.500,Rs.1000] with Reserve Bank of India. To enable this, the Ministry of Finance has notified the Specified Bank Notes (Deposit by Banks, Post Offices and District Central Cooperative Banks) Rules, 2017. The notes shall be deposited within 30 days of commencement of the Rules.
In a statement issued by the Finance Ministry it is stated as follows;
"Specified bank notes may be deposited by such Bank, Post Office or District Central Cooperative Bank, as the case may be, in any office of the Reserve Bank, within a period of 30 days from the commencement of these rules, and get the exchange value thereof by credit to the account of such Bank, Post Office or District Central Cooperative Bank, as the case may be, subject to the satisfaction of the Reserve Bank of the conditions specified in the said notification and the reasons for non-deposit of the specified bank notes within the period under that notification."